December 8, 2022, Thursday
Nepal 1:37:26 pm

US grants USD 19 million assistance to enhance private sector competitiveness

The Nepal Weekly
September 27, 2022

The United States government on Tuesday launched the USAID Trade and Competitiveness activity, introducing it to Nepal’s private sector. “The five-year, $19 million investment is expected to increase the competitiveness of Nepali enterprises in targeted sectors with high growth and employment potential,” according to a press release issued by US Embassy, Kathmandu. “Building on 75 years of friendship between Nepal and the United States, the United States Agency for International Development (USAID) will collaborate with Nepal’s Ministry of Industry, Commerce, and Supplies to help businesses facilitate new trade and investment opportunities, improve their access to market-based financial and non-financial services, and boost productivity.”

“This investment in Nepal’s private sector will create jobs and increase incomes for women, youth, and marginalized groups,” remarked USAID/Nepal Mission Director Sepideh Keyvanshad. “This activity is just one example of the broader cooperation between Nepal and the U.S. to strengthen the economy and improve the livelihoods of the Nepali people,” she added. 

“USAID Trade and Competitiveness will advance Nepal’s ambitions to increase and diversify high-value exports such as local produce, tourism experiences, and digital services that can be provided anywhere in the world,” according to the press release.

Joint Secretary of Nepal government Gobinda Bahadur Karkee applauded USAID’s partnership with the Nepal government and the continued investment in Nepal. “I hope this activity will provide great support to diversify the service offerings of firms and improve their productivity, making them global competitors,” remarked Karki.